ESG的风险防范效应:基于上市公司违规视角  

Risk Prevention Effect of ESG:Based on the Perspective of Listed Companies'Violation

作　　者：郭浩 李荣林[1] 赵亚娟 Guo Hao;Li Ronglin;Zhao Yajuan

机构地区：[1]南开大学经济学院,300071 [2]对外经济贸易大学国际经济贸易学院

出　　处：《南方经济》2025年第3期142-162,共21页South China Journal of Economics

基　　金：国家社会科学基金重大项目“‘一带一路’与南南合作背景下的中非产能合作问题研究”(19ZDA063)资助。

摘　　要：企业在促进经济社会可持续发展过程中所展现出的ESG优势,能够成为抑制企业违规行为和增强企业风险防范效应的新动能。文章基于2008—2023年中国A股上市公司数据,从微观企业层面考察了ESG优势对企业违规行为和风险防范能力的影响及作用机制。研究发现:ESG优势能够显著抑制企业违规动机和减少企业违规行为,具有良好的风险防范效应;机制分析表明,ESG优势能够通过缓解企业融资约束、提高企业治理水平、增强企业社会监督效应进而抑制企业违规行为;稳健性检验发现,ESG优势不仅可以减少企业违规行为,还能够降低企业违规概率并减少企业违规行为被处罚金额。此外,异质性分析表明,ESG优势对中西部地区企业、非国有企业、工业企业、中小微企业、高资本密集度企业和非专精特新企业的违规动机和违规行为具有更强的抑制效果。进一步分析发现,ESG优势可以显著降低企业违规行为的严重程度,并对严重后果违规行为的抑制效果更强;ESG优势的违规行为抑制效果在长期中更为显著且效果更好;从不同分项来看,企业治理实践对企业违规动机和违规行为具有更为显著的抑制作用。文章研究能够为政府制定风险防范相关政策和企业践行ESG理念提供政策参考和决策借鉴。The ESG advantages shown by enterprises in the process of promoting sustainable economic and social development can become a new driving force to curb corporate violations and enhance the effect of corporate risk prevention.Based on the data of China′s A-share listed companies from 2008 to 2023,this paper examines the impact and mechanism of ESG advantages on enterprises′violation behavior and risk prevention ability from the micro-enterprise level.The results show that:ESG advantage can significantly inhibit the motivation and reduce the violation behavior of enterprises,and has a good risk prevention effect;Mechanism analysis shows that ESG advantages can restrain corporate violations by easing corporate financing constraints,improving corporate governance and enhancing corporate social supervision effect.Robustness test found that ESG advantage can not only reduce enterprise violations,but also reduce the probability of enterprise violations and reduce the amount of punishment for enterprise violations.In addition,heterogeneity analysis shows that ESG advantage has a stronger inhibitory effect on the non-compliance motivation and non-compliance behavior of enterprises in the central and western regions,non-state-owned enterprises,industrial enterprises,small,medium and micro enterprises,high-capital intensive enterprises and non-specialized and special enterprises.Further analysis shows that ESG advantage can significantly reduce the severity of enterprise violations,and has a stronger inhibition effect on serious consequences of violations.The inhibition effect of ESG advantage on violation behavior is more significant and better in the long run.From different sub-items,corporate governance practice has a more significant inhibition effect on the motivation and behavior of enterprise violation.The research in this paper can provide policy reference and decision-making reference for the government to formulate risk prevention policies and enterprises to practice ESG concept.

关 键 词：ESG 违规行为 风险防范 融资约束 

分 类 号：F272[经济管理—企业管理]